General Motors Co (GM  ) is in the spotlight Wednesday after the company reinstated guidance and announced an accelerated buyback. CEO Mary Barra says the challenges GM faced in 2023 are now behind the company.

What Happened: GM reinstated guidance Wednesday morning after previously withdrawing guidance due to labor disruptions caused by the UAW strikes.

GM now expects full-year 2023 adjusted earnings to be between $7.20 and $7.70 per share, which includes an estimated $1.1 billion EBIT-adjusted impact from the strikes. Adjusted automotive free cash flow is now expected to be between $10.5 billion and $11.5 billion, up from a range of $7 billion to $9 billion.

GM also announced intentions to increase its dividend by 33% and laid out plans for a $10 billion accelerated share repurchase program in which the company will immediately receive and retire $6.8 billion worth of its common stock, representing about 17% of shares outstanding.

Why It Matters: Wednesday on CNBC's "Squawk On The Street," Barra acknowledged the company's execution issues with Ultium and Cruise and challenges with labor negotiations this year, but stressed that those issues are in the rearview mirror.

"Those are behind us now and that's what gives us confidence in the business, confidence to do the ASR at a $10 billion level, and we're going to move forward and execute and move past these, I'll say, bumps in the road," Barra said.

Although the company faced some headwinds in its EV and autonomous businesses this year, Barra noted that many parts of the business remained in great shape. GM now sees a clear path forward for all of its businesses and is aligning its capital allocation strategy appropriately, she said.

"We have confidence in the business going forward both in our internal combustion and our EV and software ... and our path that we will work on from an autonomous perspective. That's what gave us the confidence and the board the confidence to make this decision," Barra said.

GM Price Action: GM shares were up 8.8% at $31.44 at the time of publication. Despite Wednesday's gains, the stock is still down about 5% year-to-date, according to Benzinga Pro.